Summary Box: Wheat falls on production forecast

AP News
Posted: Jun 07, 2011 3:36 PM
Summary Box: Wheat falls on production forecast

FALLING WHEAT: Wheat prices fell for a second day after a United Nations agency predicted global production will increase 3.2 percent this year. Wheat settled at $7.3375 per bushel. The price has fallen 7.6 percent this year.

DOLLAR'S IMPACT: Prices of oil, silver and metals used in manufacturing benefited from a weaker dollar. Commodities are priced in dollars so a weaker dollar makes them cheaper for buyers using other currencies.

WHAT'S NEXT: Investors are awaiting Thursday's report from the U.S. Agriculture Department which will update global supply and demand estimates for commodities such as wheat, corn, soybeans and cotton.